share purchase plann, page-28

re: share purchase plan macrae, how is the SPP excellent news for investors?

ARU is selling current shareholders a lemon. The problem is not that they're having an SPP, but that the record date for elgibility is March 15. This presents plenty of time for opportunists (myself included) to buy 100 shares, take up the full $5k, and sell it at market value of $5.5k-$6k. That presents "free money" - a profit at kminimal risk (even after the record date, I have some time to decide whether to take it up or not). Because ARU did not make the record date yesterday (and hence allow opportunists to buy in), there is a direct transfer of wealth from current shareholders to non-shareholders.